Revenue and taxation; creating investment rebate program; application; Department of Commerce; claims and payments; creating the Water Infrastructure for Economic Development Fund; emergency.

This bill creates an investment rebate program to help small municipalities in Oklahoma with populations between 5,000 and 7,000 pay for water and wastewater infrastructure upgrades. To qualify, a municipality must spend at least $30 million on such projects to support a new business in a specific economic sector located within a designated development district, and it must have already spent at least 20% of its planned budget. The Oklahoma Department of Commerce will review applications and issue payments from a new state fund, capping the rebate at $35 million per municipality and the total program at the amount of money designated for the fund. The program is set to run until July 1, 2029, and any remaining funds will be returned to the state's general revenue.